The S&P 500, the Dow Jones Industrial Average, and the Nasdaq were all lower for the week with the tech-heavy Nasdaq sinking the most.

Crude oil futures are sharply lower this week, falling more than 6.5% to around $97.80 per barrel.

Gold futures are lower by about 1% this week, trading at $1644 an ounce in afternoon trading.

In notable economic news this week, the US Labor Department announced that 117,000 jobs were added by companies in the United States, missing economists' forecast of 170,000 jobs created.

In corporate news this week, Viacom (NASDAQ:VIAB) reported strong earnings this morning of $585 million on $3.33 billion of revenue. As the company has been buying back its own stock, earnings per share climbed to $1.07 in the quarter, or 98 cents per share excluding special items.

General Motors (NYSE:GM) said strong pricing helped boost earnings to 93 cents per share, easily topping estimates of 85 cents per share. Revenue increased 4.4% year over year to $37.8 billion

MasterCard (NYSE:MA) announced that it earned $682 million, or $5.36 per share, on revenue of $1.8 billion in its most recent fiscal quarter. Analysts had expected a profit of $5.29 per share and revenue of $1.73 billion.

And Pfizer (NYSE:PFE) announced that it earned $1.79 billion, or 24 cents per share, down from $2.22 billion, or 28 cents a share in the same period last year. Excluding one-time items,the company would have earned $4.43 billion, or 58 cents per share, beating analysts' expectations. Revenue was $15.4 billion, down 7% year over year.

This is the 'Weekly Market Wrap' for Friday May 4, 2012. Please join us on Monday for the 'Week Ahead Market Report."

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